The year in Triangle commercial real estate is ending much the way it started -- with a bunch of multifamily property deals.
The Preiss Company, the Raleigh-based student housing firm, has paid $26.5 million for The College Inn, a 121-unit complex on the south side of Western Boulevard near N.C. State in Raleigh, according to Wake County property records.
The seller was the N.C. State Student Aid Association, also known as the Wolfpack Club, which had owned the property since it was built in 2004. Richard Cotton of Multifamily Realty Advisors represented the Wolfpack Club in the sale.
The complex sits on 3.26 acres and includes a total of 440 beds.
The other deal involved the Mariner's Crossing apartments in North Raleigh, which sold for $29.95 million to Sillman Enterprises, a real estate firm based in Birmingham, MI, according to property records.
The 306-unit complex was built in 1995. It's located at the intersection of Creedmoor and Millbrook roads.